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The loss of educated people to other countries
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The periodic rises and falls that occur in all economies over time.
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An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit.
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An economy in which the government largely decides what goods and services are produced, who gets them, and how the economy will grow.
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An economic and political system in which the state (the government) makes all economic decisions and owns almost all of the major factors of production.
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Monthly statistic that measures the pace of inflation or deflation.
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A situation in which prices are declining.
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The quantity of products that people are willing to buy at different prices at a specific time.
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A severe recession.
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A situation in which price increases are slowing (the inflation rate is declining).
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The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
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An economy in which the market largely determines what goods and services are produced, who gets them, and how the economy grows.
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The total value of goods and services produced in a country in a given year.
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A general rise in the prices of goods and services over time.
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A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all.
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The part of economic study that looks at the operation of a nation's economy as a whole.
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The price determined by supply and demand.
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The part of economic study that looks at the behaviour of people and organizations in particular markets.
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Economic systems in which some allocation of resources is made by the market and some by the government.
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The market situation in which a large number of sellers produce products that are very similar but that are perceived by buyers as different.
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A market in which there is only one seller for a product or service.
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A form of competition in which just a few sellers dominate the market.
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The market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product.
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The amount of output that is generated given the amount of input.
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The general well-being of a society in terms of political freedom, a clean natural environment, education, health care, safety, free time, and everything else that leads to satisfaction and joy.
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Two or more consecutive quarters of decline in the GDP.
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The study of how to increase resources and the creation of the conditions that will make better use of those resources (e.g., recycling).
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An economic system based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be evenly distributed among the people.
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A situation in which the economy is slowing but prices are going up regardless.
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The amount of goods and services people can buy with the money they have.
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The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.
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The percentage of the labour force that actively seeks work but is unable to find work at a given time.
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